SCOREBOARD: Stubborn bears

Wall Street obstinately refused to lift despite positive news on Greece and strong US data.

Given the run of positive data and news, I’m surprised by the market’s comparatively muted reaction; in fact it was risk off more than anything. For starters, Greece got its €34 billion, as we found out during our trading session yesterday, and creditors have agreed to cut Greece’s debt to GDP to 124 per cent by 2020 (through measures such as lowering interest rates, bond buybacks etc).

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